Wednesday, May 20, 2020

Evaluation of business and financial performance of goldcorp - Free Essay Example

Sample details Pages: 22 Words: 6502 Downloads: 1 Date added: 2017/06/26 Category Finance Essay Type Argumentative essay Did you like this example? Most of the tools and methods which are required to be used in this research thesis are detailed in several papers of ACCA curriculum. However, after learning those tools, I did little to practice and apply them in real world scenarios. This research report provides me with an opportunity to apply those tools and methods to a practical company. I believe that by pursuing this topic of research, I would gain a deep understanding of a companys financial reporting procedures and methods. This will help me a lot in my future professional life as a qualified accountant. Don’t waste time! Our writers will create an original "Evaluation of business and financial performance of goldcorp" essay for you Create order The Industry and Company The industry which I chose for my research work is the gold mining industry. Mankind has been mining gold as early as the first millennium BC. Today, the industry has become a multi-billion dollar cash cow and many large corporations from around the world are its participants. The company I am researching for my work is Goldcorp Inc. Based in British Columbia, Canada, Goldcorp is one of the largest gold producers in the world with 16 operations and development projects in 6 countries (citation from Wikipedia). In 2009 alone, the company managed to produce about 2.42 million troy ounces of gold and earned topline revenues of about $2.7 billion (citation). Reasons for Selecting Goldcorp I selected Goldcorp as my primary research company due to the following reasons: As stated above, Goldcorp is one of the largest gold producers in the world and is a key player in the gold mining and extraction industry. I believe researching a market leader in one of the oldest industries in the world can be both exciting and informative. The company fits the definition of a global company. It has operations in more than 6 countries. Researching a global company will help me understand the effects of global economy on a multi-national concern. I think that can be very useful knowledge for my career progression. Gold has been one of the most important safe havens of investment since the economic crisis hit the developed nations in the mid-2007. Analyzing the effects of volatile gold prices on gold extraction companies can be an interesting case for research. The Competitor In order to research and analyze a companys financial and business performance, it is essential to compare it with a suitable competitor. The company which I chose to compare with Goldcorp is Barrick Gold Corporation. Barrick Gold is another leader in the gold mining industry. The company is also based in Canada and has produced nearly 7.7 million ounces of gold. The revenues of Barrick Gold in the year ending December 2009 were nearly $8.1 billion. Objectives of the Research The primary objective of this research thesis is to analyze the financial performance and position of Goldcorp Inc. I will analyze various financial aspects of the company like profitability, liquidity, financial risk and investment view. Financial data for the past three financial years will be used to evaluation the performance. After the analyze of the financial situation, I will recommend whether the company is a good investment choice or not. The secondary objective of the research work is to analyze the companys business performance. This will be done by analyzing the effects of the global economy and various industrial factors on Goldcorp. The effects of various forces which influence the competitiveness of the company will also be studied in detail. Research Methodology I will use various tools and methods to complete my research objectives. In order to carry out the financial analysis, I will primarily use financial ratios. Various ratios will be calculated using a Microsoft Excel Spreadsheet and I will use them to perform a trend analysis of the companys performance for the past three years. I will also compare the most recent financial ratios of Goldcorp with its key competitor to make a judgment with regards to its financial performance and position. For the business analysis, I will use strategic business models. The strengths and weaknesses of the company will be analyzed using the infamous SWOT Analysis. Further, I will also use Michael Porters Five Forces framework to identify the effects of the key industrial forces on the performance of Goldcorp. Information Gathering Collection of information is one of the most important parts in any research work. The quality of research being done highly depends on the information which is used for the research. Information sources are of various types and they provide various qualities of information. Majorly, sources of information are categorized in two general types: Primary Sources Secondary Sources Primary Sources These sources of information contain the firsthand account of events, transactions, occurrences, experiments, etc. Naturally, primary sources of information are generated for a specific purpose and are highly reliable. In a business report like this one, primary source of information can be interviews with company officials, questionnaires and email correspondence with relevant staff members of the subject company. Despite being reliable and accurate, sometimes primary sources of information can be biased. Secondary Sources These sources of information contain secondhand accounts of events and transactions. Secondary sources are generally less reliable than the primary sources, mainly because they are generated for different purposes. Examples of secondary sources include business journals and newspapers, internet and companys annual reports including financial statements. In my thesis, I mainly used secondary sources of information. I ensured that the data I use is reliable and accurate. Following table shows the information sources I used for the collection of information: Sources Use of Information Source Collection Technique Annual Report (2009, 2008 and 2007) of Goldcorp Inc. and Barrick Gold Corporation I used the annual reports of both the companies extensively during my research. They provided me not only with the financial statements, which were used to calculate the ratios, but also with a great deal of information about the companies operations and its financial performance. I downloaded the annual reports of both the companies from their respective websites (the investor section). I saved pdf copies of the reports and also printed out certain pages (like the financial statements) which I used a lot. Websites of Goldcorp and Barrick Gold Corporation In the information age, the usefulness of websites can never be ignored. I used the official websites of both companies for various purposes. I got various statistics about the companies from their sites, like the amount of gold reserves they hold, etc. While I surfed the websites, I wrote every piece of important information in a separate word file along with the links to the page in which the information was present. This helped me to re-visit the page when required and also in the preparation of my List of References. Reuters.com I used this website extensively to do preliminary research the companies. Reuters has tons of information on companies like their recent share prices, summarized financial statements, latest articles and news, etc. I downloaded various pieces of information from Reuters to use in my project. This includes the company overviews as well as the relevant news articles. Google Finance Google Finance is a very user-friendly website. I used this site to primarily see market capitalizations of the companies, find about the competitor companies, watch share price charts, etc. The company pages on Google finance are very dynamic and they change all the time. Therefore, I bookmarked the relevant company pages on my browser and visited them every now and then to update myself. Online Newspapers Editions One of the most important sources of information I used in this research were the online newspaper articles. Newspapers like New York Times, Telegraph, Wall Street Journal, etc. had very interesting articles on my subject companies. These helped me a lot in knowing various facts as well as executive comments about the companies. Every time I came across a relevant article, I downloaded it to my computer in order to access it later. I maintained a separate folder for each such article. ACCA Textbooks I used my old text books to revise my financial ratios concepts as well as various strategic business models like Porters Five Forces and SWOT. Limitations of Information Gathering Research and Analysis Economic Analysis The economy of the world has been through a tough time in the last three years. In the second half of 2007, the developed economies started to suffer from one of the worst economic crisis since the Great Depression in 1930s. The epicenter of the financial crisis was the subprime and housing market in the US, which collapsed in 2007. The high interest rates in the US in 2007 forced many people holding subprime mortgages to default on their payments. The high default rates translated into a large number of foreclosures, which increased the housing inventory held by banks and financial institutions. Since almost all of these subprime mortgages were securitized in financial products, they were held by various US and European banks as investments. When the housing and subprime market started to collapse, these securitized products lost their value rapidly, thereby forcing large banks and financial corporations to make huge writedowns in their financial statements. Soon the crisis engulfed the entire financial and banking industry with many well-known names like Lehman Brothers getting bankrupted. Housing giants like Fannie Mae and Freddie Mac were nationalized in order to avoid their bankruptcy. The effects of the economic meltdown were not just limited to the financial and banking sector. Many other industries suffered greatly from the crisis. Gold played a key role in the international economics during the recession. Since the beginning of the crisis, gold was seen by many investors around the world as a potential safe haven investment. This increased investment in the precious metal in the last two years. Gold prices have therefore, seen significant increases and news highs have been tested frequently. Gold mining companies like Goldcorp and Barrick Gold have seen steady rise in their revenues over the last three years, despite the economic slowdown. This was mainly due to the high prices of the gold in the last few years. Industry Analysis The gold mining industry has been a key economic sector in the 20th century and its importance has increased much more in the last few years. As discussed above, the economic turmoil had turned gold into one of the most desired safe haven investments. The gold mining industry involves all activities from the extraction process to the eventual refining and sale. The growth of the mining industry is largely related to the price of gold in the international markets. This is because the price of gold determines the profits a company will make by the extraction process and eventual sale. Most of the gold extracted by the mining players is actually used for jewelry purposes. A much lesser percentage is used as a financial asset by major corporations around the globe as well as many central banks. According to Dollardaze.org, a market research blog, nearly 52% of the gold present in the world is in the form of jewelry (https://dollardaze.org/blog/?post_id=00479cat_id=20). The chart below illustrates this: Most of the demand of gold also comes from the Jewelry sector. In 2006, this sector was estimated at nearly $44 billion. This is followed by investment sector and the industrial sector (which includes electronics, dentistry and decorative applications) (citation). The supply of gold is much more segregated. Most of the gold was extracted and mined by South Africa as of 2006, with China and Indonesia following it (citation). Industry Life Cycle Business Analysis In the business analysis, I will analyze the effects of various competitive forces on Goldcorp Inc. I will also study the strengths and weaknesses of the subject company. Porters Five Forces This strategic business model was introduced by the well-known Harvard professor, Michael Porter in 1980. Below, I have applied the model to Goldcorp Inc. Threat of New Entrants The threat of new entrants in the gold mining industry is quite low. This is mainly due to the principle entry barrier of large sums of capital. The entire chain of gold mining and extraction is very capital intensive and it requires large sums of capital. Construction of mines and production facilities require a significant amount of long-term finance, which is difficult to obtain by new entrants. Apart from that, acquiring a suitable mine itself is very difficult because the gold reserves are limited and the already-known reserves are controlled by large mining corporations. The low threat of new entrants influences the margins of gold mining companies including Goldcorp positively. Bargaining power of suppliers The main thing required to gold mining corporations is land on which mining operations can be performed and gold can be extracted. Since land which is suitable for mining is limited, the bargaining power of suppliers is considerable high. Lands are normally controlled by governments of various nations and it is usually leased to the mining corporations under long-term agreements. The approval and permits to mine these lands can very expensive. Further, there is normally much competition regarding the acquisition of land by gold mining corporations because many major companies bid to acquire the same piece of land. Therefore, the high bargaining power of suppliers puts up a negative pressure on the margins of Goldcorp Inc. Bargaining power of buyers Gold is a commodity. This means that gold provided by one company is not very different from gold provided by other companies. Purity levels can be different but the price of gold normally incorporates that. Therefore, the buyers of gold have a significant power over the suppliers of gold. The price of the gold is decided by the international supply and demand; therefore buyers look for best contractual terms rather than low prices. The high bargaining power of buyers also exerts a downward pressure on the gold mining corporations. Threat from substitutes products Gold is a precious metal and has many substitutes like diamonds, silver, platinum, etc. However, despite the wide range of other precious metals, they are relatively less widely accepted. Gold has the prestige of being a worldwide alternative currency and it is accepted in almost any country. Therefore, the threat from substitutes is low at present from other precious metals. However, it can be argued that the other precious metals are gaining significant popularity and they may become as important as gold in the coming years. Current the threat from substitutes is low and does not affect the profitability or performance of Goldcorp largely. However, in the coming years, this may change. Competitive rivalry As discussed above, the price of gold is determined by the market forces. Therefore, the gold mining corporations does not compete on the basis of price. Further, gold is a commodity, so the competition is also not largely based on quality. The primary competition element between gold companies is the gold reserves. Gold corporations spend large sums of capital to acquire reserves and use them to mine gold. Reserves are the main strength of a gold corporation and the basis of inter-company competition. As of December 2009, Barrick Gold Corporation has the highest amount of proven and probably gold reserves, amounting to nearly 139.8 million ounces (https://www.barrick.com/GlobalOperations/GlobalOverview/default.aspx). Goldcorp ranks second on the basis of proven and probable gold reserves held, which amounts to 48.75 million ounces as of December 2009 (https://www.goldcorp.com/investors/reserves_resources/). SWOT Analysis SWOT Analysis is generally used to access the strengths and weaknesses of an organization. It also analyzes the opportunities present for a company in the business environment along with potential threats. Strengths of Goldcorp Reserves Goldcorp has a large amount of gold reserves spanning in various parts of the world. In the gold mining business, reserves are the backbone of any company. Not just the gold reserves, the company holds a large amount of silver as well as copper reserves as shown in the following table: Table and source These reserves provide a substantial strength to the companys asset base. Diverse Mining Operations Goldcorp has not concentrated its mining efforts in one particular region. In fact, its operations exist in various countries and regions including Canada, United States, Mexico and Central and South America (source). The geographical diversity in helps to minimize the regional risk factors present in individual territories and countries. Weaknesses of Goldcorp Less Diversification in Revenue Base Despite the strength and recognition of Goldcorp, the company has certain weaknesses like all other major corporations. Although, Goldcorp deals in various precious metal products, but its revenue base is relatively less diversified. The prices of precious metals are normally positively correlated. This means that in the event of a decline in prices of the metals like gold and silver, the revenues of Goldcorp can be negatively affected. Prone to Exchange Rate Fluctuations Further, the business model of the company is also prone to variances in the global exchange rates. Fluctuations in currency prices have serious effects on the profits of the company and this is evidenced by the large decline in the profitability of the company in 2009 (see profitability analysis below). Opportunities available Acquisition of more reserves Goldcorp owns a large amount of precious metal reserves but there are still various untapped gold resources. Many countries like India and China have huge reserves and Goldcorp can make deals with respective governments to mine them. The company has enough financial strength to expand beyond its conventional gold reserve sources. More Diversification As pointed out in the weaknesses of Goldcorp, the company has a relatively less diversified revenue base. The opportunity to diversify is present in the external environment and it will enable Goldcorp to ensure against falling precious metals. The competitor of Goldcorp, Barrick Gold Corporation holds interest in oil and gas properties as well besides its conventional precious metal business. Therefore, Goldcorp can also mitigate its risks by more diversification. Threats Competition One of the major threats faced by Goldcorp is the intense competition in the gold mining industry. The companies present in the sector normally compete on acquiring mines and pieces of land. With the gold prices soaring to new highs, it is very likely that new competitors, especially state-sponsored companies might step up their mining operations, making the marketplace even more competitive. Volatile price of Gold Another threat to Goldcorp is the volatile price of gold. Gold prices are normally determined on market related factors like supply and demand. Therefore, the variance in the prices of the precious metal can have substantial effects on the revenues of Goldcorp. A steep fall in the price of gold in the international market can cause a serious blow to profitability. Financial Analysis This section will deal with the financial aspects of Goldcorp Inc. In order to perform a better analysis, I will compare the key financial aspects of the company with its competitor, Barrick Gold Corporation. Profitability Analysis Revenue Analysis The topline revenues of Goldcorp have surged consistently in the last three years. The year-over-year increase in revenues has been 13% in 2009 and 10% in 2008. Most of this increase was a direct result of rising gold prices in the international markets. The increasing appeal of gold as a safe haven investment has led to the surge, which in turn positively affected the revenues of the company. This is illustrated by the following graph, which shows the price of the precious metal for the past 5 years: Besides the sharp increase in the prices of gold, the company also benefitted from increasing its production levels. In 2009, the production of gold increased by nearly 4%, whereas in 2008, it increased by more than 13%. The competitor company, Barrick Gold Corporation, also managed to considerably increase its revenues. Its sales increased by 7% in 2009 and 27% in 2008. A comparison of Goldcorp and Barrick Gold sales is given below: Just like Goldcorp, an increase in the annual production as well as rising gold prices helped Barrick Gold to improve its revenues. Net Profit Margin The net profit margin ratio is commonly used to determine the efficiency of an organization in converting its revenues of profits. It helps the analysts and investors to understand the underlying cost structures of the company. Net margin ratio is calculated by dividing the net profits of an organization with its revenues. Higher net margin ratios means that the organization has effective cost controls in place and the profitability is, therefore, better. The net margin ratio of Goldcorp was 8.82% in 2009, which decreased substantially from 60.99% in 2008 and 20.85% in 2007. The competitor, Barrick Gold, suffered substantially in the last three years, as its net margin ratio declined from 18.61% in 2007 to negative 52% in 2009. As the above chart illustrates, there has been a substantial decline in the net margin ratio of Goldcorp in 2009. By looking at the financial statements, it can be seen that the decline occurred despite a 13% increase in the revenues, which leaves with just one explanation; the decline is caused by a sharp plunge in the revenues. A deeper look in the income statement shows that the earnings from mining operations of the gold giant actually soared by nearly 34% last year, which was mainly due to strict cost controls of Goldcorp. The operating expenses rose minimally by 2% despite the jump in sales. This cost effectiveness primarily resulted from very low production costs of the company as compared to its competitors. This is illustrated in the chart below: It can be seen that the cash production costs per ounce of Goldcorp were very low in all the last three years as compared to Barrick Gold. Despite the low cast costs of production and increasing operating earnings, Goldcorp was not able to translate much of its sales into net profits. As it turns out, this was mainly due to a huge loss on foreign exchange transactions suffered by the company in 2009 as compared to a large gain in 2008. Most of the loss mainly resulted due to translation of future income taxes denominated in currencies other than US dollars like Mexican peso and Canadian dollars (pg 128, Goldcorp Annual Report 2009). As mentioned before in the SWOT Analysis, Goldcorp faces a significant threat from adverse currency movements and this huge loss is an example of such a threat actually effecting the profitability of the company. Barrick Gold Corporation also managed to increase its revenues during the last year, but the companys profitability was adversely affected as it eliminated its gold sales contract to un-hedge its gold reserves and benefit from rising gold prices. But the elimination of gold contracts cost the company more than $5 billion, eating up the revenues and turning them into an annual loss. Return on Equity Return on equity determines the amount of profit an organization earns as a percentage of its shareholders equity. This ratio shows the return a company is able to generate by using the funds provided by the equity investors. These funds include the share capital as well as the retained profits. Return on equity is calculated by dividing the net profits with the shareholders equity. A higher return on equity implies that the organization is effectively utilizing its shareholders equity to invest in projects which generate high returns. The return on equity of Goldcorp was 1.55% in 2009, which declined substantially from 9.86% in 2008 and 3.55% in 2007. On the other hand, the return on equity of Barrick Gold was negative 5.08% in 2009, which declined from 5.08% in 2008. The above chart illustrates that the return on equity of both the companies fell significantly in 2009, but the decline in Barrick Golds returns were much dangerous. The reason behind the plunging ROE of Goldcorp is the declining profits of the company. As discussed above, Goldcorp managed to earn decent operating earnings but failed to translate them into net profits, mainly due to a huge exchange rate loss. In order to access the companys profitability situation without the exchange rate effects, I calculated the adjusted net profits of Goldcorp, in which I eliminated the exchange rate gains and losses for a deeper analysis. 2009 2008 2007 Adjusted Net Earnings (millions of $) 606.80 416.70 509.50 Adjusted ROE 3.92% 2.79% 3.93% Source: Goldcorp Annual Report 2009 The above table shows that the adjusted earnings of the company increased in 2009, thereby increasing the adjusted return on equity as well. Moreover, the returns Goldcorp earned over its shareholders equity are quite consistent, which is a good sign for profitability. Barrick Gold, the main competitor, suffered a major blow to its profitability in 2009. But that was mainly due to a one-time charge in its income statement relating to the un-hedging of its gold contracts. The loss from eliminating the contracts is not expected to continue in the future, therefore, the profits of the company are expected to show a significant rise in the coming years. Overall, the profitability of both companies was masked by various events like exchange rate losses and hedging transactions. Goldcorp managed to improve its profitability as the price of gold and the high demand presented with a suitable opportunity. Barrick Gold also benefited from the favorable environment; however, its hedging decisions cost the company too much to show a better profitability position than its arch-rival. Liquidity Analysis Current Ratio The current ratio is generally used to access the ability of an organization to honor its short-term obligations. It is calculated by dividing the current assets of an organization with its current liability. Higher current ratio normally means that an organization has sufficient short-term assets and resources to pay off the obligations that may arise in the upcoming twelve months. The current ratio of Goldcorp was 2.18 times in 2009, which increased from 1.56 times in 2008 but declined from 2.96 times in 2007. The competitor, Barrick Gold Corporation had its current ratio at 2.79 times in 2009, which increased from 2.23 times in 2008. As the above chart shows, the current ratio of Goldcorp improved in 2009 from previous years figure. The main reason behind the increase in the current ratio of the company was a 111% jump in the current assets, whereas the current liabilities increased by just 51% in 2009. Goldcorp managed to increase its cash balance by more than two folds, suggesting that the company has sufficient liquidity to meet its short-term obligations. But a closer analysis of the various activities that provided the cash is necessary. (millions of $) 2009 2008 Growth Operating Activities 1270.2 866.0 47% Investing Activities (1457.7) (441.7) 230% Financing Activities 799.2 659.9 21% Source: Goldcorp Annual Report 2009 The above table shows that most of the cash is generated by the operating activities. Also, the company managed to increase its operating cash flow in the last year, which suggests that Goldcorp is translating much of its profits into actual cash. This is a good sign and indicates a decent liquidity position. Barrick Gold Corporation also managed to improve its current ratio in the last year. In fact, the competitor had a much higher current ratio than Goldcorp. The balance sheet of Barrick Gold shows that the cash balances of the company are much higher than Goldcorp and increased significantly in 2009. Therefore, on the basis of current ratio, it is safe to argue that Barrick Golds ability to meet its short-term obligations is much higher. Acid Test Ratio Acid Test ratio is another ratio which is commonly used to analyze the liquidity of a company. Inventory is often considered to be an illiquid item in the current assets because it is normally the most difficult to be converted into cash. Therefore, many investors and analysts prefer to take inventory out of the equation in order to better judge the liquidity situation. This ratio does exactly dat. Acid Test ratio is calculated by dividing current assets less inventory from the current liabilities. Goldcorp had an acid test ratio of 1.70 times in 2009, which increased from 1.10 times in 2008 but plunged from 2.37 times in 2007. On the other hand, the acid test ratio of Barrick Gold was 1.92 times in 2009, which increased from 1.54 times in 2008. Like the current ratio, the acid test ratio of both companies also improved in 2009. The inventory of Goldcorp increased by nearly 54% in 2009 but despite the increase in the stocks of ore, the company managed to maintain sufficient liquid assets. A higher amount of inventory is necessary to support a larger sales volume, therefore, the rise in inventory is essential to the expansion of the company. In any way, there is no evidence to support that the increasing inventory is due to stale stock because of the high demand of gold and other precious metals. The competitor, Barrick Gold, also increased its stockpiles of ore by nearly 20% in 2009. This might be due to the same reason, which is to support larger sales. Further, the acid test ratio of Barrick Gold is higher than that of Goldcorp, suggesting that the company is in a better liquidity position. Overall, it is safe to conclude that both the companies have sufficient liquidity levels and are in good position to satisfy their obligations. However, Barrick Gold have higher cash reserves and have better liquidity ratios, which indicates that the company has better liquidity. Capital Structure Analysis Debt to Equity Ratio Capital structure is a very important financial aspect of any organization. A company normally finances its assets and operations with either equity capital or debt capital. In general terms, debt capital is a cheaper source of finance, mainly due to tax credits available on the interest payments. On the other hand, dividends paid to equity financiers receive no tax benefits, which effectively increase the cost of equity financing. Despite the fact that debt capital is less expensive, large amounts of loans or fixed charge capital can seriously increase the financial risk present in the company. Interest payments are normally fixed and do not vary with the companys profitability. Therefore, an organization has to maintain a balance between equity and debt capital to ensure that its cost of capital is low and its financial risk is also tolerable. The debt to equity ratio (also known as gearing ratio) determines the mix of debt and equity financing in a company. For Goldcorp, this ratio was 4.64% in 2009, which increased from 0.04% in 2008 and fell from 7.98% in 2007. On the other hand, Barrick Gold had a much higher debt to equity ratio in all the three years under review. The above chart clearly illustrates that the gearing ratio of Barrick Gold is much higher than that of Goldcorp. The balance sheet of Goldcorp shows that the long-term debt of the company stands at $719 million, which increased by nearly from 5.3 million in 2008 and 1,036 million in 2007. The pattern of increase in the debt capital of Goldcorp shows that the company redeemed a large portion of its long-term debt in 2008 and borrowed more to replace the old debt in 2009. This is also confirmed by the cash flow statement of the company. The low gearing ratio of Goldcorp implies a low financial risk. By reviewing the income statement of the company, it can be seen that the interest expense is significantly lower as compared to the earnings before from operations. In other words, the interest cover of Goldcorp is significantly high, as show in the following table: Interest Cover 2009 2008 2007 Goldcorp 43 18 30 Barrick Gold n/a 69 11 On the other hand, Barrick Gold fell victim to one of the classic outcomes of financial risk. The competitor had a much higher gearing ratio, which means that the financial risk is high. This in turn means that the company has higher interest payments and in times of losses, the fixed interest expense puts up a further negative effect. In 2009, Barrick Gold had negative profits to pay the interest expenses, which resulted in a negative interest cover. Overall, the financial risk of Goldcorp is much lower than that of its competitor. Further, Barrick Gold significantly increased its debt levels in 2009, suggesting even higher levels of risk. Investment Analysis Dividend Cover Dividend cover determines the number of times an organization can pay its dividends from current years earnings. This ratio is calculated by dividing the total annual dividend of an organization with its net profits. A higher dividend cover implies that an organization has sufficient profits to pay its shareholders in the form of dividends. This is interpreted as a good sign by potential investors. Further, high dividend cover also means that the organization can maintain its dividend policy in the future. The dividend cover ratio of Goldcorp Inc was 1.83 times in 2009, which decreased from 11.45 times in 2008 and 3.61 times in 2007. The competitor, Barrick Gold, had a negative dividend cover ratio. As the above chart shows, the dividend cover of Goldcorp fell significantly in 2009. The decline in the ratio came despite the fact that the company maintained its annual dividends at 18 cents per share. The primary reason behind the fall in the dividend cover of Goldcorp was the plunging net profits, which resulted as the company recorded a huge foreign exchange loss, which ate up almost all of its operating profits. Despite the falling profits, Goldcorp maintained its dividends, which might a result of two things: The company expects the exchange losses to reverse in the upcoming years, therefore, a revision in the dividend policy was not considered appropriate. On an adjusted basis and excluding the exchange losses, the company actually managed to increase its revenues and profits. Therefore, Goldcorp maintained its dividend policy as a signal of strength to its shareholders and potential investors. Barrick Gold Corporation also maintained its dividends, despite a sharp fall in profits. As discussed earlier in the profitability analysis, un-hedging of gold contracts resulted in the huge loss posted by the company. The un-hedging is a one-off event and in the coming years, the companys profits are expected to return to normal, therefore, Barrick Gold may have decided to keep the dividend payments stable. Dividend Yield Dividend yield determines the return on investment an investor can earn by receiving dividends from an organization. Dividend yield is calculated by dividing the cash dividends per share paid a company with share price. Investors and analysts normally look for companies with high dividend yield because that implies a higher return on the investment. For the purpose of this RAP, the dividend yield is calculated by dividing the dividend per share with annual closing share price of the companies (at the end of December). The dividend yield ratio of Goldcorp Inc was 0.46% in 2009, which decreased from 0.58% in 2008 and 0.54% in 2007. The competitor, Barrick Gold, had a much higher dividend yield than Goldcorp, as shown in the following graph: The main reason behind the decline in the dividend yield of Goldcorp was a slight increase in the closing share price of the company in 2009. Higher share price means that a higher investment is required to purchase Goldcorps share, whereas the dividends provided by the company remained the same. Therefore, the return provided by the company to its shareholder in the form of dividends effective declined in the last year. The competitor, Barrick Gold, also suffered a decrease in its dividend yield, however the company provided a much higher return to its shareholders in the form of dividends. This means that Barrick Golds shares are much more attractive to potential investors, if the dividend yields are considered. Conclusion Goldcorp is one of the largest gold mining companies in the world. It is a key player in the international precious metal industry and has business interests in various regions and countries around the globe. During the economic recession, which hit the developed markets in the last two years, gold prices have rallied to new highs as the demand for gold as a safe haven investment increased. Most gold companies, including Goldcorp and Barrick Gold Corporation benefited from higher prices and demand. The industry structure of gold mining industry is interesting. The companies face little threats from new entrants as the financial barriers to enter the marketplace are quite high. But since gold is a commodity, the buyers have significant bargaining power. Gold mines around the world are also limited, which gives the suppliers of mining lands considerable power as well. The competition within the market participants is tough as well. The profitability analysis of Goldcorp gave interesting conclusions. The companys profits fell significantly in the last year, mainly due to large exchange gain losses. However, if the exchange losses (which are a very volatile item) are removed from the equation, then on an adjusted basis, the company actually managed to benefit from higher gold prices as well as soaring demand. Goldcorp increased in production in the year and reduced its production costs significantly, thereby achieving higher margins. However, despite the improvement in the adjusted profits of the company, the exchange gain losses cannot be completely ignore as currency prices do pose a very serious threats to companies like Goldcorp. If the company suffers more exchange losses in the coming years, then there may be some serious profitability concerns. On the other hand, the competitor, Barrick Gold, also suffered from a sharp decline in its profitability, mainly due to a large loss relating to un-hedging of gold contracts. Apart from this loss, Barrick Gold also improved its profitability in the last year. Liquidity ratios of both the companies showed that both companies have considerable amount of short-term assets to satisfy their obligations. Goldcorp had sufficient cash reserves on its balance sheet and most of its cash came from operating activities, which suggests that the company is actually converting its profits into cash flows. However, despite a decent cash position, it is clear from the analysis that Barrick Gold had a much better liquidity situation than its competitor. The current and acid test ratios were higher as well as the cash balances. Capital structure analysis of both companies also yielded very interesting results. The gearing ratio of Goldcorp was very low was compared to its main competitor. This shows that the company uses very little amount of debt capital to finance its assets and operations. Less amount of debt implies that the company has low financial risk, therefore, it is in a better position to raise more capital when needed. On the other hand, Barrick Gold Corporation highly geared and has a large amount of debt capital in its capital structure. The investment analysis of both companies revealed that both Goldcorp and Barrick Gold managed to maintain their dividends in the last year despite fall in the profits. The dividend cover ratio of Goldcorp was much higher than its competitor, suggesting that the company might not have any trouble in maintaining its dividend policy in the future on a relative basis. But the dividends of Barrick Gold yielded much higher returns to the shareholders as compared to Goldcorp, which suggests that potential investors may find Barricks shares more attractive. It is safe to conclude that both companies have a decent investment picture at the moment, despite being dented by sharp declines in their profits. Recommendation Overall, I believe that Goldcorp showed a reasonable performance in the last three years despite the economic recession. It is true that the company suffered from large exchange losses but if the company hedge against future currency movements, then it may reduce them to increase its profitability in the future. Goldcorp remains a strong and large company and strong demand in the gold is expected to drive the revenues further up. But still, due to uncertainty in the profits of the company I would rate it at HOLD and would not recommend investing in the company at the moment.

Wednesday, May 6, 2020

Constant Comparison - 3434 Words

artscienceresearch methods nursing standard: clinical  · research  · education Use of constant comparative analysis in qualitative research Hewitt-Taylor J (2001) Use of constant comparative analysis in qualitative research. Nursing Standard. 15, 42, 39-42. Date of acceptance: March 19 2001. Summary This article describes the application of constant comparative analysis, which is one method that can be used to analyse qualitative data. The need for data analysis to be congruent with the overall research design is highlighted. T HE AIM OF qualitative research is to portray the reality of the area under investigation, and to enhance understanding of the situation and the meanings and values attributed to this by†¦show more content†¦The codes were written on hard copies of each document next to the related section. The codes and their definitions were recorded in a separate file. For example: I Code – nursing and self-directed learning. I Definition – any reference to, or indication that there might be issues relating to, selfdirected learning which is specific to nursing. I Abbreviation – NSDL. A separate file was used to ensure that the use of each code remained consistent and to establish a clear decision trail that could be used by auditors or future researchers. During data coding, notes were made about how decisions had been reached, how the coding process had been Online archive For related articles visit our online archive at: www.nursing-standard.co.uk and search using the key words below. Key words I Research methods These key words are based on subject headings from the British Nursing Index. This article has been subject to double-blind review. july 4/vol15/no42/2001 nursing standard 39 artscienceresearch methods nursing standard: clinical  · research  · education conducted, and any specific queries raised. Data analysis was inductive, as the study sought to promote understanding of individual perceptions, not prove a preconceived theory. Codes were, therefore, generated from the data, rather than predetermined. Although literature-based codes can provide a useful tool, they can impede the development of new ideas (StraussShow MoreRelatedThe Effect Of Switching Frequency On Switching1027 Words   |  5 Pageswhile maintaining the output current ripple within a pre-defined range. To study the impact of VSFPWM on switching loss reduction over the entire modulation index range, the simulations were carried out different speeds (modulation indices) for a constant load torque. Table II and Table III compares the current ripple, and the percentage change in the current distortion and the switching losses for CSFSVPWM-VSFSVPWM and CSFDPWM2-VSFDPWM2 techniques respectively. Similar to the analytical results atRead MoreScott Hightower’s poem â€Å"Father† could be very confusing to interpret. Throughout almost the1000 Words   |  4 Pageshe is being compared to. The constant use of the word â€Å"was† gets the reader to think ‘how come the speaker’s father is no longer comparable to these things?’ After the speaker reveals that his father is no longer around, he describes how his father impacted him. Details about the father as well as descriptions of the impacts the father has distraught on the speaker are all presented in metaphors. The repetitive pattern concerning the speaker’s father and the constant use of metaphors gives the readerRead MorePerformance Measures in Operation Management Essay1716 Words   |  7 Pagesbenchmarking - a comparison between operations or parts of operations which are within the same total organization. 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All Pairwise Multiple Comparison Procedures (Holm-Sidak method) show overall significance level = 0.05 (Table III, IV). The mean irradiance for HT group at the recommended temperature decreases from 331.77 mW/cm2 to 188 mW/cm2 as the tackiness increases from 1 to 2mm. The mean irradiance for LT group decreases from 276.2 mW/cm2 to 121.17 mW/cm2 as the thickness increase from 1 to 2. There are statistically significantRead MoreSpectrophotometric Determination of Equilibrium Constant for a Reaction3029 Words   |  13 PagesDATE PERFORMED: JULY 20, 2007 SPECTROPHOTOMETRIC DETERMINATION OF EQUILIBRIUM CONSTANT FOR A REACTION ABSTRACT UV-VIS spectrophotometry is one of the most widely-used methods for determining and identifying many inorganic species. During this experiment, this spectrophotometry was used to determine the equilibrium constant, Keq, of the Fe3+(aq)+SCN-(aq)↔ FeSCN2+(aq) reaction. 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Malcolm X is a film directed by Spike Lee Essay Example For Students

Malcolm X is a film directed by Spike Lee Essay Malcolm X is a film directed by Spike Lee. It is based on a true story about a man who fought for black peoples right to be seen as equals in America. In this essay I am going to describe, and analyze parts of the film in as much detail as possible. In the opening sequence, the film opens with a massive American flag, to bring feelings of pride to the viewers. Then we see black white flashes of amateur-video footage. Its hard to figure out what is going on, so we are forced to stare look hard at what is going on. There is violence. Loud music, a crescendo. You can almost feel the pain of this battered man on the floor. Then you realize its white policemen attacking a Blackman. I believe this is why the footage is in black white; it shows the contrast between race and maybe the contrast in beliefs. Then, Spike Lee decides to go back to the flag. But now it is burning. I believe this is showing that Malcolm is burning America, burning it until it accepts Black People like it accepts the White people. Spike Lee has introduced sounds into the scene now. We can here a convincing voice. Hes saying something, but its quite difficult to hear, but you can tell this speech is said with passion. This adds to the atmosphere. We can tell how much they want to be accepted into the American culture, they should have equal rights. But finally, the flag has been burnt, but into a shape, the shape of an X. I think this symbolizes that Malcolm was a big brave person, and helped Black people to gain part of America, that they now have their space and rights. The X itself has different symbols. It can make us think political in the sense that the X could stand for a vote, but an X vote is a vote for none. Or the X can give the impression of mystery, the unknown. Malcolm had quite evidently changed his real name, so people wouldnt know who he really was. The X could stand for an error, something has gone wrong or changed in America. I also believe it could stand for an X Marks the spot, because it is in the middle of the American flag, America is where Malcolm wants equal rights for the Black people. Later in the film, Malcolms house is firebombed in the middle of the night. The director shows Malcolm as being nervous even before the firebombing, Malcolm has his eyes wide in the darkness, and I think he is looking at a gun. The whole scene is in a blue and black kind of colours, peaceful colours. During this scene we see Malcolm have flashbacks of his disturbing past. He sees his father, and we realize that he has acting the same way as his father did when their house was firebombed when he was young. He and his father both panic for their childrens safety, both are extremely angry and want to retaliate to this monstrous thing to do. Straight after this incident we see an interview with Malcolm, it is shown as if on TV. I believe this is done to make us see it from the publics point of view, how they would hear the news. Then we see Malcolms old friend Baines suggesting that he firebombed his own house as a publicity stunt.. This is shown to make us realize that Malcolm is running out of friends and people who would give him their moral support. He is now on his own. In the final sequence of the film we see a terrible ending to a well-loved character. Throughout the film the audience have become attached to Malcolm his loving ways because they have been there to see his whole life. Malcolm is shot dead in the middle of a speech. Malcolm seems to know that something bad would happen on this day. .u7a7542ba1730f49ff64c5cb7b4959d29 , .u7a7542ba1730f49ff64c5cb7b4959d29 .postImageUrl , .u7a7542ba1730f49ff64c5cb7b4959d29 .centered-text-area { min-height: 80px; position: relative; } .u7a7542ba1730f49ff64c5cb7b4959d29 , .u7a7542ba1730f49ff64c5cb7b4959d29:hover , .u7a7542ba1730f49ff64c5cb7b4959d29:visited , .u7a7542ba1730f49ff64c5cb7b4959d29:active { border:0!important; } .u7a7542ba1730f49ff64c5cb7b4959d29 .clearfix:after { content: ""; display: table; clear: both; } .u7a7542ba1730f49ff64c5cb7b4959d29 { display: block; transition: background-color 250ms; webkit-transition: background-color 250ms; width: 100%; opacity: 1; transition: opacity 250ms; webkit-transition: opacity 250ms; background-color: #95A5A6; } .u7a7542ba1730f49ff64c5cb7b4959d29:active , .u7a7542ba1730f49ff64c5cb7b4959d29:hover { opacity: 1; transition: opacity 250ms; webkit-transition: opacity 250ms; background-color: #2C3E50; } .u7a7542ba1730f49ff64c5cb7b4959d29 .centered-text-area { width: 100%; position: relative ; } .u7a7542ba1730f49ff64c5cb7b4959d29 .ctaText { border-bottom: 0 solid #fff; color: #2980B9; font-size: 16px; font-weight: bold; margin: 0; padding: 0; text-decoration: underline; } .u7a7542ba1730f49ff64c5cb7b4959d29 .postTitle { color: #FFFFFF; font-size: 16px; font-weight: 600; margin: 0; padding: 0; width: 100%; } .u7a7542ba1730f49ff64c5cb7b4959d29 .ctaButton { background-color: #7F8C8D!important; color: #2980B9; border: none; border-radius: 3px; box-shadow: none; font-size: 14px; font-weight: bold; line-height: 26px; moz-border-radius: 3px; text-align: center; text-decoration: none; text-shadow: none; width: 80px; min-height: 80px; background: url(https://artscolumbia.org/wp-content/plugins/intelly-related-posts/assets/images/simple-arrow.png)no-repeat; position: absolute; right: 0; top: 0; } .u7a7542ba1730f49ff64c5cb7b4959d29:hover .ctaButton { background-color: #34495E!important; } .u7a7542ba1730f49ff64c5cb7b4959d29 .centered-text { display: table; height: 80px; padding-left : 18px; top: 0; } .u7a7542ba1730f49ff64c5cb7b4959d29 .u7a7542ba1730f49ff64c5cb7b4959d29-content { display: table-cell; margin: 0; padding: 0; padding-right: 108px; position: relative; vertical-align: middle; width: 100%; } .u7a7542ba1730f49ff64c5cb7b4959d29:after { content: ""; display: block; clear: both; } READ: Movie Summary - Swing Kids EssayThere is a man shouting that someone has stolen something from him, then there is lots commotion, and the camera pans in out its looking frantically everywhere, I think it is done in this order to make the viewer worried, so its all a blur and is hard to focus. Then one man runs to the front shoots Malcolm. The camera goes directly to his childrens astonished faces. This brings extreme sadness to the audience. After all the commotion, the police come in to the hall, slowing filling up the hall. I believe this represents that this mans dreams have ended, the white man come back and out number the black fighters once again. I think that Spike Lee intended this film to be watched by White Black audiences. This film shows the Black people who helped them earn their rights and freedom, and that Malcolm was so dedicated to them that he was killed for his thoughts. But also, this shows white people how hard the black people wanted to prove they are and equal race to white. It makes the white people sympathize with his trouble. To me this makes whites look monstrous at that time, but I am sure that racism came from both angles. It shows us just how far the world has come over years and years.

Thursday, April 23, 2020

Revision Guide Unit free essay sample

Concert promoters, club promoters, festival promoters 2. Broadcasting (showing the music to the audience) rev, radio, internet 3. Marketing and distribution (selling the music to the audience) Online (e. G. Tunes), high street stores (e. G. HEM, supermarkets), social media (e. G. Backbone, Twitter etc) z) You need to know: a. What do each of them do b. Why is it done When is it done (in terms of the music being released to the public) d. How they are linked 2. How each one is a crucial part in the process 3.Service companies and agencies (companies which provide services to artists, ensues and production companies) a) Agencies: . Royalty collection agencies (collect the money for the artist and making sure there is copyright) PROS for Music (formerly the Performing Rights Society or PROS) AMPS formerly the Mechanical Copyright Protection Society) PL Licensing the importance of keeping to legal requirements for licensing the music 2. Artists Representation or A (protecting the artist) Management (the artists manager) Public relations (PR) Agents (different to the manager) Stylists b) Service Companies: 1 . We will write a custom essay sample on Revision Guide Unit or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page Hire companies (companies which hire out equipment or spaces to the artist) Sound and lighting hire companies Rehearsal and studio spaces . Transport companies (companies which provide transport for equipment and material for touring) a. What each of them do b. What equipment is needed What is available from the different service companies and agencies d. How they support the music industry e. Why they are important f. The pros and cons for musicians working with agencies music industry) a) The Unions: 1 . The Musicians Union (MO) union for musicians, composers, instrumental teachers 2.Equity union for actors, dancers and other performers 3. Broadcast Entertainment Cinematographer Theatre Union (BECKET) union for those working in production and/ r technical roles b) How unions support those in the music industry: monitoring employment conditions and contracts between employees and employers advice for freelancers on tax and National Insurance (N) support in relation to negotiation of minimum rates of pay and working conditions handling of disputes other services networking opportunities, information about insurance and pensions, information and updates about changes to relevant legislation. . What a union does b. The issues that unions resolve and support c. Who is involved and what their responsibilities are d. Why and when are unions needed . How organizations interrelate (link together) and why these relationships are important a) Relationships within the music industry: 1 . How promoters match acts to venue location and type of venue size and scale of performance area facilities (of the venue) technical equipment/support available audience capacity type and intention of performance timing and availability financial considerations (money) 2.The importance of effective communication between those working in the industry 3. How promoters and musicians evaluate the advantages and disadvantages of hiring and buying equipment 4. How promoters and musicians find and select suppliers and installers of equipment 5. How trade bodies such as the Music Producers Guild (MPEG), the Association of Professional Recording Services (APRS), PROS for Music and PLANS support their members and their industries 6. How promoters and musicians find and select transport companies for touring 7. How promoters secure funding for and market events. . The wider range of personnel within the music industry in terms of: who they are Nat their area of interest is why their organizations exist En they might be needed by others working in the music industry b. The links teens organization and the support each organization can help provide PART B Learning aim B: Understand the JOB ROLES in the music industry KOOK NEED TO KNOW the different types of JOB ROLES from DIFFERENT AREAS of the musts industry (listed below) and the RESPONSIBILITIES OF EACH ROLE: KOOK NEED TO KNOW FOR EACH ROLE: a.Who is responsible for what activity b. Why and how are things done What are the advantages and disadvantages of relying on these individuals for their individual services, in relation to the key stages of the timeline for producing the music 1 . Performance and creative roles (the people who make the music happen) ) Performance roles: 1. Musician instrumentalist, vocalist, accompanist, DC auditioning, attending rehearsals (including technical and dr ess rehearsals), taking part in performances and workshops, marketing and promoting own work 2. Imposer/songwriter/producer rutting music, arranging, orchestrating, creative input responding to briefs, pitching ideas to clients, producing scores and parts, marketing and promoting own work, composing too brief, producing producing, sequencing music, using technology to realize music, creative and artistic direction 3. Musical director conducting, arranging and leading rehearsals ring musicians, liaison within projects, problem solving b) Creative roles: 1. Vive sound technician stage planning, rigging, De-rigging, supervision of crew sound checking, ensuring mike and lines work correctly, adjusting levels, on stage assisting with get-in, rigging, De-rigging, get-out specialist instrumental support, logistics, driving 3. Instrumental support guitar tech, drum tech z) You need to know a. The skills and responsibilities of each performer or creative role (who does what and why is it important) b. The links between performers and creative roles How the music industry is built upon these relationships .Management and promotion roles a) Management roles (looking after the artist or venue): 1 . Artistic management (the artists manager) personal and financial management advice and guidance liaising with recording companies arranging tours fee negotiation 2. Venue management (the venue manager) booking events licensing management of staff management of publicity for events organizing events security health and safety of artists audience and staff 3. Studio management booking sessions managing the maintenance of equipment and facilities b) Promotion roles (promoting the music to the audience): 1 . Remoter identifying performance opportunities ensues and artists securing finance for events manages financial risk insurance and safety 2. Marketing (making the music available to the audience) managing marketing materials and strategies 3. AR (Artists and Repertoire) scouting for talent online and at live events. A. The skills and responsibilities of management and promotion roles (who does what and why its important) b. The links between management and promotional roles How the industry relies on these roles 3.Recording and production roles a) The roles: 1 . Recording studio personnel (work at the recording studio) engineer, assistant engineer, technical manager, tech support maintenance and repair, electronics engineer, installation 2. Producer (produces the music) artistic overview, creative manager, liaising between creative partners, financial control, sample clearance 3. Session musician (musician who isnt part of the band) performing given music, performing collaboratively, in an ensemble or as a soloist, provides own equipment 4. Catering (mixing the music) mastering engineer, producing the finished mix to comply with all technical requirements, optimizes audio performance and ensuring quality CD manufacturer, reducing multiple copies of provided master CDC on demand, Jewel cases, slip cases, artwork, screen printing, packaging, delivery to distributor digital delivery through services such as Tunes. B) You need to know a. The skills and responsibilities of recording and production roles (who does what and why its important) b. The links between recording and production roles how the industry relies on these roles 4.Media and other roles 1. Music Journalist/flogger rutting copy for publication in print or web, articles, reviews, biographies, research, pop-De (an article by a guest writer not employed by the newspaper or magazine) 2. Roadster (TV and radio) selecting music for broadcast, programming, demographic targeting, research, rutting, editing 3. Software programmer/app developer rutting and/or coding software products such as APS, programs, packages, files, bedposts writing music packages for distribution online 4. Detail and distribution selling products in shops, stores and online using retail techniques and skills moving CDC from warehouse to retail outlets, logistics, selling via mail order and through online stores. A. The skills and responsibilities of media roles and the wider world of employment opportunities (who does what and why its important) b. He links between these roles PART C Nihilist the information below doesnt give you information about specific organizations (Part A) or Job roles within the music industry (Part B), this is important Information that youll need to know for the exam.It will help you explain why specific organizations and roles are important and how they link together for the longer, higher mark questions. 1 . How and why workers are employed in the music industry Employment patterns: full-time/part-time/freelance contracts (short, long-term) when employing performance, production and front of house staff permanent and casual staff for pacific projects or per formances self-employed, entrepreneurial loungers 2. Getting a break and starting out How to get into the music industry: research into individual stories; case studies, interviews, biography and autobiography can help inform others about breaking into the industry volunteering at festivals, shows and clubs how and why (and if) a product should be given away for free, such as free downloads, free tickets, back-stage passes, guest-lists, promotional CDC where to find out about auditions, adverts, word-of-mouth, personal recommendations, making antics, networking, hustling buying onto a tour; how much and for what audience and with what goal. . Importance of individual roles and responsibilities a) Within the production process: specific roles and responsibilities before, during and after gigs, sessions or recordings undertaking of duties and impact on the production process of decisions made. B) Within the performance process: ensuring each part of the process is ready, with equipment, music, scores, demos, chord sheets, running orders, artwork, tickets, contracts, contact information, phone numbers how and where to get help and support ho is accountable and why how and why tasks/responsibilities should be priorities. . How individual roles and responsibilities link together (interrelate) Effective communication between individual roles: roles within the same area of an organization, within the same organization, from different organizations how and why specific roles are interdependent why these relationships are important: a) dangers of miscommunication, planning and scheduling problems, minimizing down time, maximizing use of resources b) speed of change, responding to market pressures, responding to marketing opportunities.

Tuesday, March 17, 2020

Free Essays on Matchpaper

Matches: Made by an Illegal Alien Getting Paid a Dollar an Hour to Support His Family of 6 To a non-earth inhabitant, one might thinks it was a simple noisemaker. But upon closer inspection you would find that the puzzle like box opens and contains a very flammable material. The red coloration of the box might bring them to this conclusion or they may discover you can strike these sticks on the side and they combust. However I know it’s a box of matches, I know how the box opens and I know how to light them. The irony of the box is we humans store our flammable materials in flammable materials. Any Alien might think that funny, however and illegal alien probably wouldn’t care. All he cares about is making these match boxes so he can get his pay check and take care of his family. He might think its funny that the box says made in America, when in fact he knows the cardboard that they use to make the box is actually from China, the ink from Indonesia, and the matches from Mexico. It would make more sense to him if the box was in Spanish and read assemb led in America, or said globally produced. I would also like to point out the fact that the company that makes these boxes, Diamond Brands Incorporated clearly wasn’t thinking when they made the match striking design on the side. Diamond used a hexagon pattern when it would have made a little more sense for them to use a â€Å"Diamond† pattern. Are Americans really so stupid that they actually have to print, KEEP AWAY FROM CHILDREN, or is Diamond Brand Incorporated so worried that they will get sued if some small child gets a hold of these and sets his parents house on fire. If I was an outsider and had observed just how much Americans in particular love to sue any one or any company just because they were to stupid to put the matched in the cabinet where their kid couldn’t reach them, then I’d be pretty surprised. Well, what about 32 count printed on the front o... Free Essays on Matchpaper Free Essays on Matchpaper Matches: Made by an Illegal Alien Getting Paid a Dollar an Hour to Support His Family of 6 To a non-earth inhabitant, one might thinks it was a simple noisemaker. But upon closer inspection you would find that the puzzle like box opens and contains a very flammable material. The red coloration of the box might bring them to this conclusion or they may discover you can strike these sticks on the side and they combust. However I know it’s a box of matches, I know how the box opens and I know how to light them. The irony of the box is we humans store our flammable materials in flammable materials. Any Alien might think that funny, however and illegal alien probably wouldn’t care. All he cares about is making these match boxes so he can get his pay check and take care of his family. He might think its funny that the box says made in America, when in fact he knows the cardboard that they use to make the box is actually from China, the ink from Indonesia, and the matches from Mexico. It would make more sense to him if the box was in Spanish and read assemb led in America, or said globally produced. I would also like to point out the fact that the company that makes these boxes, Diamond Brands Incorporated clearly wasn’t thinking when they made the match striking design on the side. Diamond used a hexagon pattern when it would have made a little more sense for them to use a â€Å"Diamond† pattern. Are Americans really so stupid that they actually have to print, KEEP AWAY FROM CHILDREN, or is Diamond Brand Incorporated so worried that they will get sued if some small child gets a hold of these and sets his parents house on fire. If I was an outsider and had observed just how much Americans in particular love to sue any one or any company just because they were to stupid to put the matched in the cabinet where their kid couldn’t reach them, then I’d be pretty surprised. Well, what about 32 count printed on the front o...

Sunday, March 1, 2020

5 Peculiarities of the German Language

5 Peculiarities of the German Language You may have heard that German is a difficult and complex language to learn. This is true to some extent; however, much depends on the way the language is taught, the learner’s natural capacity for languages, and the amount of practice dedicated to it. The following peculiarities of the German language should not discourage you from studying German, but simply prepare you for what you will encounter. Remember, German is a very logically structured language, with many fewer exceptions than English. The key to your success in learning German will truly be as this old German adage states: ÃÅ"bung macht den Meister! (or, Practice makes perfect) The Difference Between a German Sausage and a Verb Why are we comparing a sausage to a verb? Simply because German verbs can be chopped and cut up just as  a German sausage can! In German, you can take a verb, chop off the first part, and place it at the end of a sentence. And in actuality, you can even do more to a German verb than what you can do with a sausage: you can insert another â€Å"part† (a.k.a. syllable) in the middle of a verb, add other verbs alongside it and even elongate it. How’s that for flexibility? Of course, there are some rules to this chopping business, which once you understand them, will be easy to apply. German Nouns Every German student loves this particular German-language peculiarity - all nouns are capitalized! This serves as a visual aid for reading comprehension and as a consistent rule in spelling. Further, German pronunciation pretty much follows the way it is written (though you need to know the peculiarities of the German alphabet first, see above), which makes German spelling not very difficult. Now to put a damper to all of this good news: Not all German nouns are inherently nouns and may, therefore, throw off the German writer at first as to whether to capitalize a word or not. For instance, verb infinitives can change into a noun and German adjectives can change into nouns. This role changing of words happens in the English language as well, for example when verbs change into gerunds. German Gender Most would agree, that this is the greatest hurdle of German grammar. Every noun in German is identified by grammatical gender. The der article is placed before masculine nouns, die before feminine nouns and das before neuter nouns. It would be nice if that was all there was to it, but German articles change, along with the endings of German adjectives, adverbs and nouns depending on the grammatical case they are in. For example, let’s take a look at the following sentence: Der Junge gibt der wà ¼tenden Mutter den Ball des Mdchens.(The boy gives to the angry mother the girl’s ball.) In this sentence, der wà ¼tenden Mutter acts as the indirect object, so it is dative; den Ball acts as the direct object, so it is accusative and des Mdchens is in the possessive genitive case. The nominative forms of these words were: die wà ¼tende Mutter; der Ball; das Mdchen. Almost every word was changed in this sentence. One very important point about German grammar gender is that nouns don’t necessarily follow the natural law of gender as we know it. For example, though die Frau (woman) and der Mann (man) are designated feminine and masculine respectively, das Mdchen (girl) is neuter. Mark Twain in his humorous account of â€Å"The Awful German Language† described this German grammar peculiarity in this way: Every noun has a gender, and there is no sense or system in the distribution; so the gender of each must be learned separately and by heart. There is no other way. To do this one has to have a memory like a memorandum-book. In German, a young lady has no sex, while a turnip has. Think what overwrought reverence that shows for the turnip, and what callous disrespect for the girl. See how it looks in print - I translate this from a conversation in one of the best of the German Sunday-school books:Gretchen: Wilhelm, where is the turnip?Wilhelm: She has gone to the kitchen.Gretchen: Where is the accomplished and beautiful English maiden?Wilhelm: It has gone to the opera. However, Mark Twain was wrong when he said that a student has to have â€Å"a memory like a memorandum-book.† There are some strategies that can help a German student figure out which gender a noun has. German Cases In German there are four cases: Der Nominativ (nominative)Der Genitiv/Wesfall (genitive)Der Akkusativ/Wenfall (accusative)Der Dativ/Wemfall (dative) Though all cases are important, the accusative and dative cases are the most widely used and should be learned first. There is a grammatical trend especially orally to use the genitive case less and less and replace it with the dative in certain contexts. Articles and other words are declined in various ways, depending on gender and grammatical case. The German Alphabet The German alphabet has a few differences from the English language. The very first (and perhaps most important) thing you need to know about the German alphabet is that there are more than twenty-six letters in the German alphabet.

Thursday, February 13, 2020

Assignment Example | Topics and Well Written Essays - 250 words - 2

Assignment Example In other words, patents give these inventors the right to keep a monopoly for twenty years. Monopolies are so important in this context because if they did not exist, an inventor would probably not receive any financial compensation for his or her work, since the imitators would steal it and flood the market with copied stuff, making the price collapse along with them. As a result, in a world without patents, a lot less people would invest their time, effort and money required to achieve new things. In order to remedy this situation, the nations all around the world offer inventors monopolies on patents. The result is much quicker innovation; an economic growth much more accelerated and at quicker speeds in the lifestyles. In truth, it is difficult to think about a more beneficial monopoly from the social view of patents (http://www.beginnermoneyinvesting.com/html/examples_of_good_monopolies_.htm). 2. USPS The maintenance of the USPS monopoly is good because provision of uniform subs idized mail service (particularly to remote areas) produces positive externalities that would be underproduced by a competitive market; and ii) provision of conventional mail services lends itself to "natural monopolies" in smaller markets. The USPS does not operate its enterprise in order to maximize profits, as would a conventional monopolist.